Emergency fund

[Markw]

Quick question (not trying to be nosy, genuinely asking so I can plan accordingly).

[font=Tahoma, Verdana, Arial, sans-serif]It's going to be several[/font][font=Tahoma, Verdana, Arial, sans-serif] months before I get on the road (don't even have a van yet)[/font][font=Tahoma, Verdana, Arial, sans-serif] and am currently gathering information on important topics.[/font]

Regarding an emergency fund...is it better to keep it in your bank or as cash?

If bank, separate account or your normal account?

How much is a decent starting out amount?  I plan to have regular additions to a starting emergency fund, but what is a good amount to start out with?

 

[MotorVation]

I wouldn't carry really large amounts of cash. The police can take it and or you could get robbed. Well, either way you'd be getting robbed.
It happens all the time. I'll post a link below to a Wiki article that explains it

Vanishing money

 

[B and C]

I have enough to replace the entire van if need be. Separate account so it doesn't get mixed in with regular spending.

 

[highdesertranger]

I keep mine in a separate savings account. If needed I can transfer funds to my checking account on the internet and use my atm card as an atm or credit card. Highdesertranger

 

[user 423]

Two low interest rate credit cards from credit unions that I always keep at near 0 balance. Limits are high enough to replace engine if needed. Also $300-$500 or so cash. I'm always on the lookout for spur of the moment deals on this or that and like to have cash on hand. To cover smaller emergencies also.

 

[hugemoth]

Be prepared to have your credit/debit cards cancelled due to suspicious purchases even if legit, usually at the most inconvenient time. Once cancelled most banks will only send replacement cards to the address listed in your account. For that reason I always carry at least 2 cards and enough cash to get by until you receive the new card. I learned the hard way.

 

[MotorVation]

Yeah, that's another thing. I use a Paypal debit card to pay for gas. If I don't call them first and tell them I'll be traveling, the gas pumps won't take it out of state and I have to go inside. That's a real pain when I want to fill it up.

Paypal's been watching my back for many years and I get cash back on that card.

Edited to add: Actually, it's a pain to pay with cash for a fill up because you have to go inside to get your change. Also, there's also the chance the cashier won't be honest about the amount of cash you left with them. I don't have to go back inside after pumping with the debit card

 

[WanderingRose]

I keep a separate savings account that is linked to my checking for transfers as needed.

I also carry some cash stashed away.

 

[RoamerRV428]

bank or whatever institution you do.

no need for big wads of cash in this day and age!

your plastic, your accts can all be accessed on the spot in this digital age so just make sure you got a nice 'roll of $20s' in your van for those smaller cash times you want vs. hitting plastic.......I travel with a few 100s and good bit of 20s and usually come home with all of it darn near cause I do just 'tap the plastic' and get my reward points to tally up for my free cash from the bank.

Not on the road full time just yet but sooner than later now and I won't change how I bring cash with me or worry about accessing my bigger bucks issues when needed.

 

[user 423]

If using cards, remember to notify your bank of your plans to travel to other states. Two years ago I drove to Alaska and notified both issuers of my Visa cards of my plans and there were no problems.

Last year, I forgot to do that before leaving on an 8000 mile trip that took me through 14 states but had no problems.

Maybe they never removed the info from the previous year?

Or maybe credit unions are more lax with fraud precautions than banks?

 

[WanderingRose]

I always use my Visa for fuel purchases, and my bank debit card for groceries.

These transactions then track my travel/location, and I haven’t had a problem with a card being locked in years.

 

[user 423]

Most times I pay with cash because there is a risk that crooks have placed a card reader on a gas pump. It's a remote chance but when refilling, I usually need to get out and walk around some anyway. Debit is used at groceries and Walmarts that offer cash back with no or very low ATM fees.

My cards were both locked in 2013 in Brawley,CA and it was very puzzling and inconvenient. I found out later that it was caused by an accident involving a semi that had downed a powerline. The whole area was affected for quite some time.

 

[Weight]

I have an internet bank and a national bank. Checking that taps my savings if needed to cover purchases with the two debit cards. I have three cash back credit cards I use for most purchases that are paid in full each statement. These practices have built my credit limit so I don't worry over emergency funds. I carry up to $50 cash for those yard sale finds or a mom and pop takeout lunch place.

 

[Camper]

I never left home until I got all my finances in order. So many break down on the road with very little money to get going again.

 

[wayne49]

My card issuer may send me a text about an out of normal purchase and I reply back with OK or not.

Domestic and International travel has usually not been a problem. Only problem ever was 2018 in Bulgaria, where the hotel used a Russian financial institution for their card processing. That was fallout from the USA government sanctioning Russia. Economic Warfare.

 

[sander]

I have enough to replace the entire van if need be.  Separate account so it doesn't get mixed in with regular spending.

In any case, you need some cash. It can be $300 for your needs. If you need more money you can use directloantransfer to get it. Even with an empty credit card you'll keep travelling

 

[RoamerRV428]

more money in our hands IS always the best thing for any of us

world revolves around the dollar